摘要
摘要
随着我国的城镇化和人口流动向各大中型城市聚集，人们对住房要求的提升，长租
公寓应运而生。长租公寓主要指由机构经营管理的房屋租赁的一种模式，长租公寓一般
具有规模化、高品质的经营特点，为需要租赁住房的客户提供住宅租赁服务，这种房屋
租赁形式，已经成为我国房地产市场经济发展的方向。近年来，各地政府从国土、金融、
税务等各个方面均制定了相应政策，以鼓励长租公寓行业的发展。但在长租公寓迅猛发
展的背后，其中涉及到的有关投资风险事件也经常会见于报端。二零一八年八月，鼎家
公寓因滥用推出的“租金贷”而盲目扩大规模，导致公司资金链的断裂，引发了学界对
于长租公寓项目投资和运营过程中存在的各种风险问题的普遍重视。
本文通过系统地分析了 LS公司 A长租公寓项目投资出现的具体问题以及成因，以
LS公司A长租公寓项目投资风险管控为重点研究对象，围绕着LS公司A长租公寓项目
投资风险管控面临的具体问题，从实际入手剖析出现问题的具体原因，并根据长租公寓
项目投资过程中存在的具体问题，提出了合理化的建议和切实可行的优化方案。首先，
对LS公司及LS公司A长租公寓项目投资管控现状进行描述，对现有项目投资风险存在
的项目投资尽职调查不专业、项目投资测算达不到公司要求的现象、项目投资风险管控
不严谨、项目不符合二次消防验收和特殊行业经营许可的问题进行梳理。通过对A长租
公寓实地考察和调研，项目投资风险存在问题的原因主要有风险管控组织体系不健全、
项目定位不准确、风险管控机制缺失、行业政策变动等。
在研究案例的过程中，发现 LS公司 A长租公寓项目投资在实施的过程，必须综合
风险管控的相关知识，通过健全风险管控体系组织结构、进行市场调研优化项目定位、
优化风险管控流程和制度，建立风险管控预警体系、建立行业政策变动风险应对策略这
几个方面的优化方案。
因为 LS公司A长租公寓项目投资业务面临的风险具有长租公寓行业一定的普遍共
性，所以针对其研究的结果和建议，能够给予长租公寓行业项目投资风险管控提供一定
的经验借鉴，从而提高整个长租公寓投资行业的风险管控水平。
关键词：长租公寓，风险评估，投资风险管控
I

西北大学硕士学位论文
ABSTRACT
As China's urbanization and population flow gathering in large and medium-sized cities,
people's requirements for housing have increased, and long-term rental apartment came into
being. Long-term rental apartment mainly refers to the house lease operated and managed by
institutions. With its own characteristics of large-scale and high quality, it provides residential
leasing services for customers, which has become an important direction of the development
of China's real estate market economy. The government has issued relevant policies from land,
finance, taxation and other aspects to promote the rapid development of long-term rental
apartment industry in recent years. However, behind the rapid development of long-term
rental apartment, events involving investment risk are often seen in the newspapers. In August
2018, Dingjia apartment expanded blindly due to the abuse of "rent loan", resulting in a
serious rupture of the capital chain, the risk problem in the investment process of long-term
apartment project has aroused wide attention from various institutions and academic circles.
This paper systematically analyzes the problems and reasons of LS company A long-term
rental apartment project investment, takes A long-term rental apartment project investment
risk management and control as the main research object, focuses on the problems existing in
LS company A long-term rental apartment project investment risk management and control,
analyzes the reasons, and puts forward reasonable and feasible optimization schemes for the
existing problems. Firstly, it describes the current situation of investment control of LS
company and LS company A long-term rental apartment project, and combs the problems
existing in the existing project investment risks, such as unprofessional due diligence of
project investment, project investment calculation can’t meet the actual payback period
required by the company, lax project investment risk control, project non-compliance with
secondary fire acceptance and business license of special industries. Through field
investigation, investigation and analysis, the main reasons for the problems of project
investment risk are imperfect risk control organization system, inaccurate project positioning,
lack of risk control mechanism and changes in industrial policies.
In the process of case study, it is found that in the process of carrying out the investment
business of LS company's A long-term rental apartment project, it is necessary to combine the
relevant theoretical knowledge of risk management, improve the risk control organizational
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